The Manic Street Preachers were named Best Band in the World by readers of the magazine, taking the crown from last year's winners, Oasis.
The award tops a successful year for the band. It saw its album This is my Truth Tell Me Yours go to number one, as did a single from the album.
The other winning Welsh band was Catatonia, who picked up the best single award for "Road Rage". Catatonia, too, saw its album go to number one this year.
Both the Manics and Catatonia's lead singer Cerys Matthews were given last month as the reason why is its currently "Cool to be Welsh" by no less an authority than The Daily Telegraph.
At a ceremony in London hosted by Big Breakfast presenter Johnny Vaughan, Bristol band Massive Attack's difficult third LP, Mezzanine, was named best album.
As well as the reader awards, honorary titles were handed out to some survivors from the punk era. Former frontman with The Jam, Paul Weller, was rewarded with the title of Classic Songwriter for his catalogue of material which stretches back more than two decades.
Singer Debbie Harry was at the ceremony to collect a trophy on behalf of Blondie, who were presented with the Q Inspiration Award.
At the other end of the longevity scale, Southport-based group Gomez capped their recent success as winners of the Mercury Music Prize for their Bring It On album by being named best new band.
Best Single Road Rage, Catatonia
Best Album Mezzanine, Massive Attack
Best New Band Gomez
Best Live Act Roni Size & Reprazent
Best Band In The World Today Manic Street Preachers
Best Producer Norman Cook
Classic songwriter Paul Weller
Q Inspiration Award Blondie
Lifetime Achievement Award REM